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LIMRA study reveals untapped life insurance market

By Insure.com staff

February 3, 2012

Just 39 percent of households recall having an opportunity to buy life insurance in the last two years, according to a recently released study by LIMRA, a global life insurance industry research and consulting group.

The phenomenon is especially true for single people, with only 26 percent recalling an opportunity to buy coverage.

"We also found that those singles who did recall having an opportunity to buy life insurance are almost as likely to buy life insurance as married households (51 percent versus 58 percent)," Cheryl Retzloff, senior research director, said in a press statement. "Companies could grow their life business by more aggressively pursuing this untapped market."

A previous LIMRA study showed one-third of single mothers who are primary wage earners in their families had no life insurance coverage at all. Among single moms with life insurance, two-thirds said they did not have enough coverage.

The study found that twice as many households shopped for life insurance in 2011 as in 2003, 22 percent versus 11 percent. However, fewer households that shopped actually bought coverage in 2011, compared to 2003.